Education Loan

Dreams Come True with Syndicate Bank Education Loan

15 Nov 2019 5 min read
Education Loan: Apply Syndicate Bank Education Loan : Lowest Interest Rate 2019, Emi Calculator

Education has become very expensive nowadays. Hence one needs to have funds to support the educational expense. This becomes even more essential when one has to go abroad for studying. However, with the surge of education loans, studying in India and abroad has become relatively easier. This loan not only bears the expense of fees but also covers the additional cost of education. Syndicate Bank education loan allows students to study in recognized and prestigious institutions and pay off the loan after getting the job. 

When it comes to repayment of education loan, students can repay their loan after completing their education. Six months grace period is given to the students to get or join a job. This is called a moratorium period; the tenure of this period varies between 6 months to 1 year. The student is expected to repay the loan only after this period. 

What are the different types of education loan offered in India?

In India you can get education loan under the following categories:

  • Under Graduate Education Loan – This loan is given to the student who has completed his/her senior secondary education and wishes to pursue higher education. One can get a loan for studying in India and abroad.  
  • Postgraduate Education Loan – If you have completed your graduation and are seeking admission abroad, then one needs to have funds for the same. Studying in reputed institutes comes at a cost and the education loan helps you get that education. 
  • School Fees Financing- This is yet another essential loan provided by banks and NBFCs to the parents so that they can easily pay off the fees of reputed schools. 

There are many banks and NBFCs offering education loan. Syndicate Bank is one such bank which offers education loan at competitive interest rates. Its customer-friendly policies and approach have made it a popular choice for the students who wish to pursue their education.                                                                         

Why should one take education loan from Syndicate Bank?

Various reasons that make Syndicate Bank a popular choice for those who are looking for education loan. Here are the benefits offered by Syndicate Bank:


✔ Attractive interest rate
✔ No processing fee
✔ No pre-closure charges
 Less paperwork
✔ Quick loan disbursal


Quick Snap at Syndicate Bank Education Loan:

Eligibility Parameter    Student must have a secured admission
Loan Tenure    Need to consult with the Bank
Loan Amount    Up to Rs. 2 Crores
Interest Rate    13.25%
Processing Fees    NIL

Key Feature of Education Loan offered by Syndicate Bank

  • One can avail a loan for studying in India and abroad.
  • The student must be continuing education from a reputed and recognized institute
  • Syndicate Bank offers education loan of up to Rs. 10 Lakhs for studying in India and Rs. 20 Lakhs for studying abroad. 
  • There is no need for collateral for a loan up to Rs. 4 Lakhs, but here the parents or grandparents need to be the co-borrower. For loan amount between Rs. 4 Lakhs -7.5 Lakhs, one need to have collateral with a third-party guarantee. In case of the loan above Rs. 7.5 Lakhs, one needs to have tangible collateral ready. 
  • There is no processing fee charged by Syndicate Bank.

For which courses one can get Syndicate Bank Education Loan?

Syndicate Bank offers education loan for students studying in India and abroad. The courses for which one can avail this loan include:

☑ Loan for graduation

☑ Loan for post-graduation

☑ Professional and technical course (All these courses must be approved by UGC, AICTE, IMC, Government, Department of Electronics, IIM, IIT, etc.)

Expenses covered under Syndicate Bank Education Loan

The education loan gives maximum coverage so that the student can have a hassle-free curriculum. These expenses include the following:

☑ Tuition fees

☑ Purchase of books

☑ Laptops

☑ Uniforms

☑ Hostel fees, study tools and 

☑ Passage expenses for a student traveling abroad to study.

For Which Course Can I Apply For Education Loan?

Syndicate Bank Education Loan Eligibility Criteria

  • The applicant must be 18 years and above
  • He/she must be a resident of India 
  • The applicant should have confirmed admission.

Types of Education Loan offered by Syndicate Bank

The bank offers education loan to students who wish to pursue their education in India and abroad. There are various types of education loans that cater to the variegated needs of the applicant. The education loan offered by Syndicate Bank is called Synd Vidya, and it is further divided into the following categories:

  1. Synd Vidya
  2. Synd Super Vidya
  3. Synd Vidya Abroad
  4. Synd Vidya Skill Loan Scheme
  5. Synd Vidya Vocational Courses

Synd Vidya Loan

This is the basic loan scheme offered to students who wish to pursue their higher education in India or abroad.

Eligibility Criteria:

  • The applicant must be 18 years and above
  • The applicant should have confirmed admission

Quantum of Loan:

  • The loan amount sanctioned to a student studying in India is Rs. 10 Lakhs (maximum)
  • The loan amount sanctioned to a student studying abroad is Rs. 20 Lakhs (maximum)

Collateral Requirement:

  • For loan up to Rs. 4 Lakhs – No Collateral
  • For loans ranging between Rs. 4 Lakhs to Rs. 7.5 Lakhs- There must be a co-borrower who would be parents or relatives
  • A loan above Rs. 7.5 Lakhs - 100% Tangible collateral security of suitable value acceptable to the bank.

Interest Rate:

Loan up to Rs. 4 Lakhs - One Year MCLR+1.60% p.a.

Rs. 4 Lakhs - Rs. 7.5 Lakhs - One Year MCLR+1.85% p.a.

Above Rs. 7.5 lakhs - One Year MCLR+2.85% p.a.


Repayment Period - The repayment period lies between the course duration and one year to 15 years from the date of start of the first installment. 
 
KYC 
•    Identity Proof like Aadhaar card, passport, ration card.
•    Address Proof like Ration card, Aadhaar card, etc.
•    Admission confirmation letter
•    Passport size photographs

Processing Fees - No Processing Fees
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Synd Super Vidya 

This loan is for that meritorious student who wishes to pursue his/her higher education from a reputed institute.

Purpose: One can use this loan for a technical course, executive courses offered in India by premium technical and management institute. 

Eligibility Criteria:

  • The applicant must be 18 years and above
  • The applicant should have confirmed admission

Quantum - The loan amount allowed to a student studying is Rs. 20 Lakhs (maximum)

Collateral Requirement:

For loan up to Rs. 4 Lakhs – No Collateral
For loan above Rs 4 Lakhs – Parents have to guarantee the loan amount

Interest Rate: One-year MCLR + 0.10% (If interest is serviced during the moratorium period, otherwise 1% additional interest)
KYC :

  • Identity Proof like Aadhaar card, passport, ration card.
  • Address Proof like Ration card, Aadhaar card, etc.
  • Admission confirmation letter
  • Passport size photographs

Processing Fees - Syndicate Bank charges zero processing fee on education loan.  
____________________________________________________________________________________________________

Synd Vidya Education Loan for Studying Abroad

This loan is available for the students who wish to pursue their education abroad. They must have got the admission in the institute and should be able to produce the proof of admission at the time of loan application. 

Quantum of Loan: The loan amount sanctioned by Syndicate Bank varies from Rs. 20 Lakhs to Rs. 2 Crores.

Margin: 15% of margin on a pro-rata basis

Security: 

  • Tangible liquid securities in the form of NSC, KVP, RBI bonds, non-agricultural land, etc. which is more than 125% of the loan amount.
  • A part of the future income of the student

Synd Vidya Abroad Education Loan Interest Rate- 

One year MCLR+2.10%

  • Bank gives 1% concession if the applicant pays the interest during the study period and subsequent moratorium period before the repayment period starts. 
  • Children of government employees or employees of Public Sector Undertakings like LIC, Banks, etc. get an additional concession of 1% 
  • The total interest should not be less than the  MCLR


Processing Fees: Syndicate Bank charges zero processing fees on education loans.

Courses Covered under education loan offered by Syndicate Bank:
  • Students are planning to pursue their graduation in professional or technical courses offered by reputed and accredited institutes.
  • Loan for post-graduation- students can take the loan for continuing post-graduation courses like MBA, MCA, MS, etc. 
  • Courses conducted by CIMA London 
  • Course offered under CPA in the USA
  • Aeronautical engineering, pilot training, shipping, etc. from the institutes recognized by the regulatory bodies. 

What does the Synd Vidya Abroad Education Loan amount cover?

The expenses covered by the reduction loan from Syndicate Bank include:

  • Tuition Fees
  • Books and laptops
  • Uniforms 
  • Hotels fees
  • Examination Fees
  • Traveling expenses 

_____________________________________________________________________________________________________

Synd Vidya Skill Loan Scheme

This loan is available to those who wish to purse skill-based training and courses.

Eligibility- 
An applicant is eligible for Synd Vidya Skill Loan scheme if he would get a certificate/diploma/degree under National Skill Qualification Framework (NSQF) on taking admission in any of the following:

  • Courses run by ITIs, Polytechnics, or institutions recognized by Central and State Boards, 
  • Colleges affiliated to the recognized university,
  • Training partners affiliated to National Skill Development Corporation, 
  • State Skill Corporation, 
  • Sector Skill Councils

Quantum of Loan - Rs. 5,000 to Rs. 1,50,000

Rate of Interest - One year MCLR + 1.50%p.a. 

Repayment Period- 

For loan amount up to Rs. 5000 – Up to 3 years
A loan between Rs. 50,000 – Rs. 1 Lakh – Up to 5 years
Loans above 1 Lakh – Up to 7 years

Processing Fees- There are no processing fees.
_________________________________________________________________________________________________

Synd Vidya Vocational Course

This loan is available for students who have cleared their matriculation (10th) and have secured admission in any of the recognized vocational training institutes.
Quantum of the Loan Amount– Up to Rs. 2 Lakhs 

Interest Rate: Base Rate +2.25% per annum

Repayment Period:

Repayment for the course with duration up to 1 year - 5 years 
Repayment for the course with a duration of more than one year - 7 years

Processing Fees- There are no processing fees

How to Apply for Syndicate Bank Education Loan?

Syndicate bank offers easy education loan for students who are willing to pursue higher education in India or abroad. This loan is also available for vocational and professional courses. The process of loan application is relatively simple. 

  • You can apply online and offline. 
  • Additionally, the bank also has the provision where the prospective applicant can download the education form online, fill it and submit it to the bank representative. 

Essential Points Related to Syndicate Bank Education Loan

EMI Payment Methods – This repayment method is simple. There are three ways via which you can pay back the education loan: 

  1. Standing Instruction – This is the best choice if you are an account holder with Syndicate Bank. You can opt for this method where the EMI is directly deducted from your account. 
  2. Electronic Clearing Service – In this, your loan’s EMI will be deducted from your account (other than Syndicate Bank) automatically.   
  3. Post-Dated Cheques – One can also submit the post-dated cheque which gets cleared on the due date. It’s always better to choose the above two options as they are faster and quicker. 


Syndicate Bank Education Loan FAQs

1. Can someone plan to pursue vocational training course get the loan from Syndicate Bank?
Yes, Syndicate Bank offers education loan for vocation courses associated with National Skill Development Programs, ITIs or any other institute recognized by the State and Central Government.

2.  Is there any interest charged during the moratorium period?
During the moratorium period, only simple interest is charged; however, after this, the actual interest rate is charged. 
3. Is it necessary to have a co-borrower when you apply for Syndicate Bank education loan?
Yes, it is Essential to have co-borrower if you are planning to take education loan from Syndicate Bank. 

4. What is the maximum loan amount for someone willing to pursue education abroad?
Syndicate Bank offers education loan to those who plan to pursue their higher education in a foreign university. The maximum loan amount that one can get is Rs. 2 Crores. 

5. Is there any concession on the interest rate?
Yes, Syndicate Bank offers a concession of 1% as a part of Central Government subsidy, some premier institutes also fall in the category of concession. 

6. Is there any processing fees?
Syndicate Bank has kept the loan application process very simple. It doesn’t charge any processing fees from the applicant on education loan.

About Syndicate Bank

Syndicate Bank is one of the oldest banks in India. It was initially called as Canara Industrial and Banking Syndicate Limited. The bank got the nationalized status on 19th July 1969. The headquarters of the bank is located in Manipal, India. The bank is known to offer various financial services that help the end-user. Education loan is one such provision. It provides loan at an attractive interest rate, and one can repay the loan in easy EMIs. 
 

 Apply Now 
 

Read More : 

✔ How to get an Education Loan in India.

✔ How Education Loan Is Helpful For Indian Students.

✔ Apply for Education Loan at Axis Bank 2019.

✔ Why You Should Take HDFC Credila Student Loan?